GBP/USD Technical Analysis: Once again fails near 100-hour SMA, 1.2670-75 supply zone

Haresh Menghani FXStreet

• For the second consecutive session, the pair struggled to build on its intraday positive momentum and started retreating from 100-hour SMA hurdle near the 1.2670-75 region.

• Technical indicators on hourly/daily charts have been recovering from the bearish territory but are still far from supporting prospects for any further near-term positive move.

GBP/USD 1-hourly chart

• Looking at the daily chart, the pair has been oscillating within a broader trading range over the past 1-1/2 week, suggesting indecision over the near-term trajectory.

• Hence, it would be prudent to wait for a decisive break through the mentioned trading band before traders start positioning for the pair's next leg of a directional move.

Daily chart

GBP/USD

Overview:
    Today Last Price: 1.2654
    Today Daily change: 0.0 pips
    Today Daily change %: 0.00%
    Today Daily Open: 1.2654
Trends:
    Previous Daily SMA20: 1.2663
    Previous Daily SMA50: 1.28
    Previous Daily SMA100: 1.29
    Previous Daily SMA200: 1.3199
Levels:
    Previous Daily High: 1.2676
    Previous Daily Low: 1.2616
    Previous Weekly High: 1.2708
    Previous Weekly Low: 1.2574
    Previous Monthly High: 1.3176
    Previous Monthly Low: 1.2723
    Previous Daily Fibonacci 38.2%: 1.2653
    Previous Daily Fibonacci 61.8%: 1.2639
    Previous Daily Pivot Point S1: 1.2622
    Previous Daily Pivot Point S2: 1.2589
    Previous Daily Pivot Point S3: 1.2562
    Previous Daily Pivot Point R1: 1.2681
    Previous Daily Pivot Point R2: 1.2708
    Previous Daily Pivot Point R3: 1.274

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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